US Housing Starts Tumble 5.2% to 1.221 Million in September

U.S. residential construction weakened substantially in September as housing starts dropped 5.2% to a seasonally adjusted annual rate of 1.221 million units, down from an upwardly revised 1.288 million units in August. The print fell short of expectations, which anticipated a rate between 1.300 million and 1.305 million units. Meanwhile, building permits slipped 0.2% to an annualized rate of 1.400 million units, slightly beating forecasts. Following the data release, the U.S. 30-year Treasury yield dropped 6.4 basis points to 5.41%, while spot gold fell 0.49% to $4,120.35 per ounce.